Reference no: EM132493400
Question - Best Buy recorded a December 31 adjusting entry debiting Salaries and Wages Expense and crediting Salaries and Wages Payable for $4,200. On January 2, they paid the weekly payroll of $7,000.
PART 1 (with reversing entry) -
1. Record adjusting entry to accrue salaries and wage expense of $4,200 Post to T accounts
2. Prepare closing entry for salaries and wage expense & Post to T accounts
3. Prepare the January 1 reversing entry and post to T accounts
4. Prepare January 2 entry to pay the weekly payroll and post to t accounts
PART 2 (without reversing entry) -
(1) Prepare the adjusting entry to accrue salaries and wage expense & Post to T accounts:
(2) Prepare closing entry for salaries and wage expense & Post to T accounts
(3) Prepare January 2 entry to pay the weekly payroll & post to T accounts.
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